US CFTC chair to step down, flags urgent need for crypto regulation
Rostin Behnam will resign as chair of the CFTC on January 20 after four years of significant enforcement actions in the crypto sector. He oversaw a $4.3 billion settlement with Binance and expressed concerns about insufficient regulatory oversight in the digital asset space. Behnam emphasized the need for robust regulation to ensure market integrity and address growing adoption demands. He highlighted a regulatory gap, arguing that many digital tokens should be classified as commodities under CFTC jurisdiction. Behnam called for intentional regulation and a disciplined approach to rule-making. Brian Quintenz, former CFTC commissioner and current head of policy at a16z, is reportedly the top candidate to succeed Behnam, potentially influencing the clarity of cryptocurrency regulations.
